Very recently, we held our very first webinar where our CEO talked about MVP Readiness. An MVP, or minimum viable product, is a lean solution used to fast track performance while balancing a tight timeline and budget. We’ve outlined some of the main points of the webinar for easy reference.
Minimum Viable Product?
An MVP is a product that has just enough functionality and design to go live for faster access to performance data. It provides a product foundation for organizations to launch quickly and see ROI as fast as possible, all under a smaller budget and shorter timeline.
What is the value?
When you’re short on time or money, a minimum viable product is a valuable investment. Instead of spending more resources to produce a fully complete product, you can choose to build an MVP and further customize it according to incoming data. The freedom to roll out better versions post-launch means more effective iterations that can lead to better conversions.
Starting with the data
- Do you have access to all the data needed for the MVP?
- What format are the data sources?
- How clean is the data?
- How does new data get added?
- Is there a security policy around the data?
- What sort of insights are being pulled from the data?
It’s imperative you spend the time to make sure the data structure is accurate to ensure the final product performance (and data) is not compromised.
Every build needs a vision. What can you build when you don’t know what you want or need?
- Is the idea and vision approved by internal stakeholders?
- Is there a clear understanding of who this vision is focusing on?
- Are there identified use case scenarios?
- How will the user flow thru the product?
- What tools are being used to bring the idea into reality with visual examples?
- Is there a document defining logo usage, brand colors, typography, etc.?
Ready to Build
The final product will be one that performs well and can evolve as new data is collected. Even though an MVP requires less time to build, you still need a careful assessment of internal efforts.
- Has a budget been allocated and approved by internal stakeholders?
- Are there any internal security restrictions?
- What resources are available internally?
- Is the team new to working with each other? How experienced is everyone?
The Real MVP
Once the build is complete, you’re ready to launch your MVP. Reminder, this webinar only outlines the basics of how to best approach your next Data Analytics MVP (Minimal Viable Product) project. These basics won’t address all potential challenges, it’s only meant to be a starting point. But the MVP process doesn’t end here, since there’s always a new product journey after launch. Learn more about how MVPs can help your organization by contacting us.
**Stay tuned for new resources, including this webinar!